Litecoin is gearing up for its highly anticipated third mining reward halving scheduled for early August. Following this event, the per-block reward paid to miners will be reduced by 50%, from 12.5 LTC to 6.25 LTC. In anticipation of the halving, the twelfth largest cryptocurrency by market value has witnessed significant gains, pushing its price to $92.58.
On-chain metrics have also shown positive trends for Litecoin. Data from IntoTheBlock reveals a surge in the total address count with a balance since the end of April, reaching an impressive 8.5 million LTC addresses with a balance last week.
Both new and active address counts have hovered near all-time highs established in February, with new addresses briefly surpassing those of Bitcoin.
Crypto-analytic platform Santiment highlights the increased on-chain volume as a strong indicator that significant players are entering the LTC market in anticipation of the halving. They believe this event will have a positive impact on Litecoin’s price.
Furthermore, Litecoin’s hash rate has remained consistent, experiencing a growth of over 24% since the beginning of the year, reaching 712 TH/s. The mining difficulty stands at 25.12 million hashes, closely aligned with the hash rate.
The upcoming halving has also influenced Litecoin’s futures derivatives contracts, which have surged by over $420 million globally, resulting in a year-to-date growth of over 20%. This surge in interest has pushed Litecoin Futures’ open interest to its highest level since the beginning of last year.
As the halving approaches, Litecoin continues to show promising signs in its on-chain metrics and futures contracts, building anticipation for the event and its potential impact on the cryptocurrency’s price.
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